Sundar Pichai is going to get a pay increase as he takes Alphabet’s helm.
Google CEO Pichai became the parent company’s leader after the co-founders resigned earlier this month from their positions.
The board awarded Pichai a salary of $2 million and a time-based stock grant of $120 million, plus performance-based stock grants with a target value of $90 million.
The board announced on Friday that Sundar Pichai will receive $2 million in salary and up to several hundred million dollars in stock grants in his new position as CEO of Alphabet.
Pichai, who had been the CEO of Alphabet’s main Google subsidiary since 2015, clinched the parent company’s promotion earlier this month when Google’s co-founders Larry Page and Sergey Brin resigned. Page was Alphabet’s CEO and Brin served as president, a role that has now been dropped.
With his new shares, Pichai will not receive any additional voting rights, leaving Page and Brin in the board’s control.
The new salary of Pichai will come into effect Jan. 1, with its stock units divided between time and performance-based equity.
On March 25, 2020, one-twelfth of his $120 million in time-based stock units will vest, followed by another twelfth vesting each quarter that he will continue to be employed by the company.
The performance-based stock unit award will be divided into two equal parts of $45 million each with a target value.
Depending on Alphabet’s overall shareholder return relative to S&P 100 companies between 2020 and 2021 and between 2020 and 2022, it could be granted between 0 and 200 percent of the shares in each part. Depending on the stock price at the time, the actual value of the grants will vary.
While Google CEO, Pichai made an annual base pay of $650,000 and previously shirked the company’s additional shares, according to a Bloomberg May report.
In 2018, Pichai turned down additional limited stock units because he already felt he had been paid generously, a person familiar with the decision told Bloomberg, although it is unclear how much he turned down.
As CEO of Alphabet, as it continues to face challenges in the new year, Pichai will be the company’s public face. Google is facing an antitrust probe of 50 attorneys general across the U.S. states and territories as well as a Justice Department reported probe.
Lawmakers also indicated that they will keep an eye on Google and other tech companies that have been scrutinizing their engagement in China, as well as their policies on privacy and data tracking.


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